Why Confidential Transaction is Important In Businesses?
In this article, I will try to make you understand why privacy-based transaction is not important only for individual but also for business.
Do you know?
Payment in fiat currency is more anonymous than Bitcoin! for example, if your friend pay 100 bucks to the coffee shop in front of you and the owner of the coffee shop put that 100 bucks in his money box and if after some time coffee shop owner asks you to find that note then I’m sure you can’t able to find that exact note because it got mixed with other notes so you can say making payment in fiat is anonymous.So P2P (person to person)payment with fiat is okay but making B2B(business to business) payment with fiat is not convenient and after this digital era comes B2B payment using internet is not so safe and cheap and when you get connected to the internet we are more exposed to privacy-less financial system{Reference-1} {Reference-2} {Reference-3}.
So a question may come to your mind, that what the way we should use to make payment for B2B transactions to get rid of above problems? And why privacy is important for a business transaction?
So guys let’s start our discussion about why the privacy-based transaction is important to business transactions. As we know sometimes businesses fear to broadcast any product details before it lunch but if the hacker wants, then he can trace the transactions between manufacturers or suppliers and can spoil strategy of the business, anyone can track the secret deals of your business, your competitor can contact your supplier or manufacturer with a better offer to spoil your partnership, etc.
Now it’s time to adopt confidential DeFi to do all our business transactions, and BEAM is the platform that can give you the height level of confidentiality in every aspect of transactions.
Before I tell you about the B2B use case of BEAM I would like to give you a brief introduction of BEAM.
BEAM coin based on MimbleWimble protocol, which mainly focuses on privacy and scalability. MimbleWimble protocol has two parts one is coin join and confidential transaction where confidence transaction helps to encrypt transaction using blinding factor so the sender and receiver can only the amounts of coins or money and coin join helps to combine multiple transactions into a single block which saves space hence we get scalability in BEAM.
B2B Use Case Of BEAM
The first use case of the BEAM in B2B transaction is making payment to all your business partners using BEAM platform which will help you hide all your transaction details from your competitors and BEAM enables opt-in auditability which means you can able to configure to attach digitally signed documentation (eg invoices or contracts) to all transactions in a cryptographically unforgeable way so you can able to execute smart-contract transactions and need not to send invoices offline or online.
Payment making using BEAM is very convenient, so you can accept payment from your customers using BEAM and when you use BEAM for B2B transactions, it not only saves your time because of fast transactions but also saves huge money from your transactions fees that you spent before with traditional transaction methods{Reference}.
Conclusion: As we need competition in business is growing every day and in a competitive environment we should keep the focus on confidential transaction and money details which can keep us ahead of our competitors and BEAM can do a big role here which will help you communicate your partners without depending on the third-party like banks and advocate neither for the payment nor for a deal. Privacy-focused smart contract payment can help you reduce human presence so no risk of information leak you will face and no need to hire a person to take care of your transaction and to handle the dispute in payment because smart-contract can implement automation in the transaction.
For more information please connect to BEAM using following links:
You can visit the website here , also check out the FAQ section here.
Join us on Beam India Telegram here.
Join us on Beam India Twitter here.
You can download the Beam Wallet here.
You can follow Beam Privacy on Twitter here.
You can also join Beam Community here.
About author:
Name- Jitendra Naik (BEAM Dost)
Email- Jitencrackit2@gmail.com
